cryptocurrency

Bitcoin Cash Analysis: Bearish Moves Below $125

  • Bitcoin Cash price started a new decline from the $138 area against the US Dollar.
  • The price is now trading below the $125 area and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $126 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair remains at risk of further losses below the $115 and $112 support levels.

Bitcoin Cash price moves below $125 against the US dollar, similar to Bitcoin. BCH/USD could drop further towards the $100 level in the near term.

Bitcoin cash price analysis

Bitcoin cash price struggled to gain pace to move above the $138 and $140 resistance levels. BCH made a high near $138 and started a new low.

There was a clear move below the $132 and $130 support levels. The bears pushed the price to the $126 area and the 55 SMA (4 hours). The decline increased at a lower pace from the $122 level. Finally, the price traded as low as $115.95.

It is now consolidating and struggling below the $120 level. On the upside, there is an immediate resistance near the $121 level. It is near the 23.6% Fib retracement level of the recent decline from the $138 high to $116 high.

The first major resistance is near the $125 level and the 55 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $126 on the 4-hour chart of the BCH/USD pair. The trend line is also near the 50% Fib retracement level of the recent decline from the $138 high to $116 low.

The main resistance is near the $135 level. Any gains over $135 and $138 could set the pace for a move towards the $150 level.

If there is a move above the $150 resistance, the price could rise towards the $165 area. There is immediate support on the downside near the $116 region. The next major support is near the $112 level, where the bears might target below $105. The next target for them may be near the $100 level.

bitcoin cash price

look at me ScheduleBitcoin cash price is now trading below the $125 area and the 55 simple moving average (4 hours). Overall, the price remains at risk of further losses below the $115 and $112 support levels.

Technical Indicators

4-hour MACD – MACD for BCH/USD is losing momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.

Key support levels – $116 and $112.

Key resistance levels – $125 and $130.

Tags: BCH, Bitcoin Cash

#Bitcoin #Cash #Analysis #Bearish #Moves

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